§ 375-e. Guaranteed retirement benefits for employees of participating
employers. a. By the adoption, filing and approval, where required, of
a resolution in a manner provided by section three hundred thirty or
three hundred thirty-one of this chapter, as the case may be, a
participating employer who previously elected to make contributions
under the provisions of section three hundred seventy-five-b of this
chapter, may elect to make contributions to the pension accumulation
fund for the purpose of providing guaranteed retirement benefits
pursuant to this section for members in its employ who are entitled to a
pension pursuant to subdivision b of section three hundred
seventy-five-c of this chapter. Such resolution shall specify an
effective date which shall be on or after the date of such filing for
the commencement of guaranteed retirement benefits.

b. 1. The guaranteed retirement benefit shall consist of an additional
pension for member service rendered on or after April first, nineteen
hundred thirty-eight and prior to April first, nineteen hundred sixty,
which when added to the pension provided pursuant to paragraph two,
subdivision b of section three hundred seventy-five-c and the annuity
which is the actuarial equivalent of the member's accumulated
contributions attributable to such period, computed on the basis of his
rate of normal contribution, will provide a retirement allowance of
one-sixtieth of final average salary for each year of such service, for
members in its employ on the effective date of the aforesaid resolution.
Such annuity shall be computed as it would be if it were not reduced by
the actuarial equivalent of any outstanding loan nor by reason of the
member's election to decrease his contributions toward retirement in
order to apply the resulting amount toward payment of contributions for
old age and survivors insurance coverage.

2. The additional pension provided under this section shall not be
included in computing any pension reserve payable pursuant to the
provisions of section three hundred sixty of this chapter.

3. Any accumulated contributions in excess of the amount required to
provide the annuity computed pursuant to paragraph one of this
subdivision shall be used to increase the member's retirement allowance.

c. 1. A member of the retirement system in the employ of such
participating employer on or after January first, nineteen hundred
sixty-eight and prior to April first, nineteen hundred sixty-eight, who
retires from such employ after the effective date of the aforesaid
resolution, shall be entitled to, if otherwise eligible, the additional
pension provided under subdivision a of this section.

2. A member of the retirement system not in the employ of the
participating employer on or after January first, nineteen hundred
sixty-eight and prior to April first, nineteen hundred sixty-eight, who
thereafter enters or re-enters such employ, shall not be entitled to the
additional pension provided under this section for any period of member
service rendered on or after April first, nineteen hundred thirty-eight
and prior to April first, nineteen hundred sixty, unless he renders two
or more years of service in the employ of such participating employer
after the effective date that such employer elects to provide the
benefits under this section, and retires from such employ, except that a
member shall retain such eligibility for the additional pension provided
by this section that accrued by reason of previous employment
immediately prior to employment with such participating employer.

d. The benefits hereinabove provided shall be payable unless the
member would otherwise under the provisions of this chapter be entitled
to a greater benefit, in which event, the greater benefit shall be
payable.

e. The provisions of this section shall apply to members retiring from
service with a participating employer after the effective date of such
resolution; provided, however, in the case of persons who last became
members on or after July first, nineteen hundred seventy-three, the
provisions of this section shall apply only to those retiring prior to
July first, nineteen hundred seventy-four.